CHINA — US TRADE WAR

Invoking the International Emergency Economic Powers Act, U.S. President Donald Trump issues several executive orders barring firms and American citizens from trading and doing financial transactions with Chinese IT companies ByteDance and Tencent, effectively banning their respective apps TikTok and WeChat within the United States. The orders will go into effect in 45 days from August 6.

FOR CANADA

Trump implements a tariff of 10% on aluminum imports from Canada, pursuant to Section 232 of the US Trade Expansion Act. Prime Minister of Canada Justin Trudeau vows "dollar-for-dollar" countermeasures.

The United States previously imposed tariffs on Canadian steel and aluminum in 2018 citing national security concerns, before removing them last year as part of the [url=https://en.wikiafripedia.org/wiki/United_States%E2%80%93Mexico%E2%80%93Canada_Agreement]USCMA Free Trade Agreement[/url].

Meanwhile,
Egypt and Greece sign a bilateral agreement which establishes a new exclusive economic zone (EEZ) in the Eastern Mediterranean between the two countries. The agreement prompts anger from Turkey, with the Turkish Foreign Ministry describing the deal as "null and void".

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Cheers

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Donald Trump is at it again